Lingrove (located in San Rafael, California, USA) is a pioneering company in the field of composites. They utilize patented technology to transform fast-growing plants into surfaces and panels for the built environment and other areas. Lingrove recently announced the closing of a Series B funding round led by Lewis & Clark AgriFood and Diamond Edge Ventures, followed by Bunge Ventures and SOSV, in an oversubscribed round.
The funding will help Lingrove expand production of a building material called ekoa. The material is natural, durable and carbon-negative and can be used as an alternative to traditional building materials. ekoa is made from carbon-negative plant fibers and, as a high-performance recycled product, can replace plastics, metals and wood, sequestering billions of tons of carbon dioxide each year.
Lingrove's goal is to transform and de-fossilize the trillion-dollar market for renovation and new construction materials to make indoor environments healthier, more aesthetically pleasing, and more climate-friendly. Since the end of 2023, Lingrove has been producing ekoa surfaces in-house and has secured millions of dollars in pre-orders. Its ecoa veneers are currently being used in wall coverings and cabinetry, as well as in advanced materials testing for the automotive industry.
Joe Luttwak, Lingrove's CEO, said, "We are pleased to have received strong support from our investment team, which consists of professionals in the fields of bio-ingredients, composites and manufacturing. We share their vision of driving a new industrial revolution through fast-growing plants. There is a long road ahead, but by making improved indoor air quality and the health of the planet accessible to all through ekoa, we will build a better future together."
Curtis Schickner, President of Diamond Edge Ventures, added, "We are excited to co-lead this round of financing and continue to work with Lingrove, a company that is reinventing the building materials industry through ekoa surfaces and panels. We are always on the lookout for companies with potentially positive environmental, financial and strategic returns, and Lingrove fits our mission perfectly."
Suhas Narayanaswamy, a principal at Lewis & Clark AgriFood, said, "We are very optimistic about the growth of sustainable materials and products that meet the market's high-performance requirements at competitive prices. We co-led this financing round as Lingrove is expected to become a benchmark business in the transformation of the circular economy."
Lingrove's ekoa is the solution of choice for architects, designers, builders and manufacturers: high performance and environmentally friendly indoor environments. Despite a challenging financing environment, Lingrove successfully secured strategic financing to build a better future starting with healthy and aesthetically pleasing indoor environments through fast-growing plants.
About Lingrove
Lingrove, Inc. is a composites company based in San Rafael, California that specializes in the use of fast-growing plants to create high-performance building materials.
Since starting its natural fiber composites business in 2014, Lingrove has secured orders from the automotive industry and become an eco-materials innovator.Ekoa is the ideal durable vehicle surface product, lighter than carbon fiber and stiffer than fiberglass, with a premium natural particle finish. It is suitable for automotive applications such as floors, dashboards, doors and seats, and is favored by U.S. automotive OEMs for its superior performance and environmental friendliness.
